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Goldman Sachs has secured its first securities brokerage licence in Russia, in the latest sign foreign bulge-bracket banks are trying to capture a more lucrative market share of the countryâs booming capital market.

The three year dealer licence officially awarded earlier this week allows Goldman to trade domestic shares and other securities, such as rouble bonds, which have been high-growth markets in recent years.

The development comes as Goldman continues to strengthen its presence in the country, and after it first tried to break in to the domestic securities market by buying a local brokerage house.

Takeover talks between Goldman and Moscow-based broker Aton Capital are believed to have broken-down over price earlier this year, according to one senior source.

The move comes three months after UBS was awarded a similar investment banking licence.

Other banks have been clambering for a presence.

Deutsche Bank, for example, bought the remaining stake it did own in Russian broker United Financial Group in January and Japan’s Nomura is planning to open an office to provide investment banking services by the end of this year.

While Goldman has only a small office in Moscow compared to some of its peers, it is said to be recruiting quite aggressively for merger and acquisitions positions and other ancillary investment banking business.

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Goldman has some powerful existing relationships in the country, has advised the Russian government in the past on capital markets financing, and is an adviser to Vneshtorgbank, the state-owned bank that is being primed for a $2bn (€1.6bn) listing.